Parliament Question: NHAI Debt Liability

GOVERNMENT OF INDIA MINISTRY OF ROAD TRANSPORT AND HIGHWAYS LOK SABHA UNSTARRED QUESTION NO. 2120 ANSWERED ON 12TH FEBRUARY, 2026 NHAI DEBT LIABILTY

2120. SHRI DHAIRYASHEEL SAMBHAJIRAO MANE:

SHRI SUDHEER GUPTA:

SHRI CHAVAN RAVINDRA VASANTRAO:

Will the Minister of ROAD TRANSPORT AND HIGHWAYS सड़क परिवहन औि िाजमार् ग मंत्री

be pleased to state:-

(a) the details of debt liability of National Highways Authority of India (NHAI) as on date;

(b) the strategy proposed for debt reduction, including asset monetisation, Toll-Operate-Transfer (TOT) models, Infrastructure Investment Trusts (InvITs) and budgetary support;

(c) whether the National Highways Authority of India (NHAI) has set any timeline for achieving the targeted reduction in its debt and if so, the details thereof;

(d) the manner in which proposed debt rationalisation will affect ongoing or planned highway projects; and

(e) the measures taken/being taken to ensure financial sustainability of NHAI while maintaining the pace of national highway development?ANSWER THE MINISTER OF ROAD TRANSPORT AND HIGHWAYS (SHRI NITIN JAIRAM GADKARI)

(a) As on 31st January 2026, the debt liability of National Highways Authority of India (NHAI) is Rs. 2,16,624 crore.

(b) Since October 2022, NHAI has not borrowed any funds and has drawn up a plan to service its debt through a mix of asset monetisation and improved toll income. InvIT receipts are earmarked for debt servicing only. Asset monetization inflows bolster NHAI sources of funds. The funds mobilization under Toll- Operate-Transport (TOT) and Infrastructure Investment Trust (InvIT) mode is given in the Annexure.

(c) NHAI is making continuous efforts to bring its debt reduced further by the end of each financial year.

(d) NHAI has not undertaken fresh borrowings since October 2022 onwards and is supported through larger budgetary allocations. The monetisation of revenue-generating highway assets through InvITs and TOT adds to its source of capital. Thus, the debt rationalisation will not affect ongoing or planned highway projects.

(e) NHAI has taken several measures to ensure its financial sustainability while maintaining the pace of national highway development. These include monetisation of operational highway assets through TOT and InvITs model. There have been no fresh borrowings since October 2022.

NHAI is also promoting Public-Private Partnership (PPP) models such as Build-Operate-Transfer (BOT) and Hybrid Annuity Model

(HAM) to share financial risks.

Further, improved toll collection through Fastag, project prioritisation and strengthened financial discipline have helped sustained highway development.ANNEXURE REFERRED TO IN REPLY TO PART (B) OF LOK SABHA UNSTARRED QUESTION NO. 2120 ANSWERED ON 12TH FEBRUARY, 2026 ASKED BY SHRI DHAIRYASHEEL SAMBHAJIRAO MANE, SHRI SUDHEER GUPTA AND SHRI CHAVAN RAVINDRA VASANTRAO REGARDING ‘NHAI Debt Liability’.

A. Receipts deposited in Consolidated Fund of India (CFI) under

TOT:

Concession Year value Wise TOT- Financial Length transferred to State Bundle Year (FY) (in KMs) CFI (Rs. In Cr.) (Rs. In Cr.) AP, Odisha & TOT-1 2018-19 681 Gujarat 9682 9682 UP, Bihar, Jharkhand and T TOT-3 2020-21 566 N 5011 5011 TOT- 5(A-1) 2021-22 54 Gujarat 1011 1011 TOT- 5(A-2) 106 Gujarat 1251 Eastern TOT-7 135 Peripheral 6267 Expressway, Delhi TOT-9 2022-23 73 U P 3144 10662 TOT-11 84 U P 2156 TOT-12 316 M P 4428 TOT-13 108 MP & Rajasthan 1683 UP, Delhi & TOT-14 2023-24 189 Odisha 7701 15968Hyderabad TOT-16 2024-25 252 Nagpur Section 6661 6661 Lucknow- Ayodhya- Gorakhpur - Sultanpur Stretch TOT-17 2025-26 366 9270 9270 Total -- -> 2930 58265 58265

Note: TOT-2,6,8,10 got failed. TOT-15 was closed on expiry of bid validity B. Receipts under InvIT:

InvIT Financial Length State Concession Rounds Year (FY) in KM. value Rs. In cr.

Round 1 Karnatka, Gujarat, 2021-22 389 7,350 Rajsthan & Telangana Round 2 2022-23 246 MP, UP & Maharasthra 2,850 WB, UP, MP, Assam, Round 3 2023-24 889 15,700 MP & Karnatka Round 4* 11 Road Assets (listed 2024-25 754 17,738* below for 2024-25) TOTAL 2278 43,638

Note: * Receipts deposited in CFI in FY 2025-26 *****